Omnicom Inc, the $12.5-billion US-based marketing and communications company, yesterday acquired a majority 51-per cent stake in Anil Ambani-owned advertising and communications business Mudra Group to expand its presence in Asia's third-largest economy.
The two companies did not disclose the financial terms of the deal.
The majority stake purchase could eventually lead to a complete buyout of the Mumbai-based company.
Omnicom, which has held a 10-per cent stake in Mudra Group since 1993, said that the acquisition will make it one of the top three holding companies in India, a market where it has less exposure than its competitors.
"This acquisition is an important step in achieving Omnicom's strategy to extend and deepen our presence in rapidly growing markets," said John Wren, president and CEO of Omnicom.
Mudra comprises a four-agency network, Mudra India, DDB Mudra, Mudra Max and Ignite Mudra.